Berkshire Hathaway Earnings Slip as Abel Debuts

Berkshire Hathaway Inc. reported a quarterly earnings decline after investment write-downs and weaker insurance results, marking Warren Buffett’s final quarter as CEO and coinciding with Greg Abel’s first shareholder letter on February 28, 2026.

Quarterly Results and Drivers

Berkshire Hathaway’s fourth-quarter operating earnings fell to $10.2 billion, down about 29–30% from roughly $14.5 billion a year earlier. The decline reflected investment write-downs in Kraft Heinz and Occidental Petroleum alongside reduced income from its insurance businesses. Net earnings per average equivalent Class A share for the quarter were $13,349.

The company identified these investment losses and insurance softness as the primary factors behind the quarterly profit drop. For a conglomerate whose results often fluctuate with large investment moves, these two areas accounted for the near-term earnings setback.

Full-Year Results and Leadership Transition

For 2025, Berkshire Hathaway posted operating earnings of $44.5 billion, down from $47.4 billion in 2024. Total revenues rose 0.6% year over year to $372.1 billion. Insurance underwriting profit for the year totaled $7.3 billion, according to the company’s press release. The full 2025 Annual Report, available at berkshirehathaway.com, details the assumptions underlying these figures.

The earnings release coincided with the completion of Berkshire’s CEO succession, with Greg Abel assuming the role at the end of the quarter. Abel published his first shareholder letter on February 28, 2026, at 8:16 a.m. ET. The company directed shareholders to the earnings release, Abel’s letter, and the annual report as the primary sources for outlook and assumptions.

Despite the quarterly setback, annual revenue remained steady and underwriting profit continued to contribute materially. Investors will now look to Abel’s communications for signals on capital allocation and operational priorities under his leadership.